RTGS/NEFT Form of ICICI Bank pdf download link
In the fast-paced world of digital transactions, a reliable and efficient fund transfer system is crucial. ICICI Bank, one of India's leading private sector banks, offers its customers a robust and convenient electronic fund transfer service known as RTGS (Real-Time Gross Settlement) and NEFT (National Electronic Funds Transfer). These services have simplified the process of transferring money between accounts of different banks. In this article, we will explore the benefits of using ICICI Bank's RTGS/NEFT, how to download the necessary form, and a step-by-step guide to filling it out correctly.
ICICI Bank RTGS Form: Click Here
ICICI Bank NEFT Form: Click Here
What is ICICI Bank RTGS/NEFT?
ICICI Bank's RTGS/NEFT are electronic payment systems that allow customers to transfer funds securely and swiftly. RTGS is primarily used for large-value, time-sensitive transactions, while NEFT is suitable for smaller transactions. Both systems operate on a deferred net settlement basis, ensuring that transactions are processed individually, providing a real-time and immediate transfer experience.
Benefits of ICICI Bank RTGS/NEFT
- Fast and Secure Fund Transfers
With ICICI Bank's RTGS/NEFT, customers can enjoy quick and secure fund transfers. These systems ensure that the money is credited to the beneficiary's account instantly. This eliminates the need for physical cash transfers or cumbersome paperwork, making it an ideal choice for urgent financial transactions.
- No Minimum or Maximum Transfer Limit
ICICI Bank sets no minimum or maximum transfer limits for RTGS/NEFT transactions, allowing customers the flexibility to transfer any amount, large or small, according to their needs. This feature makes it suitable for both individuals and businesses alike.
- Convenient Timings
ICICI Bank offers RTGS/NEFT services 24x7, including weekends and bank holidays. This availability ensures that customers can initiate fund transfers at their convenience, without being restricted by traditional banking hours.
- How to Download ICICI Bank RTGS/NEFT Form
Customers can easily download the ICICI Bank RTGS/NEFT form from the bank's official website or obtain a physical copy from the nearest branch. Let's explore the two methods in detail:
Online Method
- Visit the official ICICI Bank website (www.icicibank.com).
- Log in to your Internet banking account using your credentials.
- Go to the 'Forms Center section.
- Look for the 'RTGS/NEFT Form' option and click on it.
- Download the form in PDF format.
- Print the form.
Offline Method
- Visit the nearest ICICI Bank branch.
- Approach the bank executive or the customer service desk.
- Request an RTGS/NEFT form.
- Fill out the necessary details on the physical form.
Filling Out the ICICI Bank RTGS/NEFT Form
The ICICI Bank RTGS/NEFT form requires accurate and comprehensive information to facilitate smooth transactions. Here's a step-by-step guide on filling out the form correctly:
1. Customer Details
In this section, provide your personal information as per your bank records. This includes your full name, account number, contact details, and other relevant information.
2. Beneficiary Details
Enter the beneficiary's details accurately, including their account number, bank name, branch name, and IFSC code. Verify this information carefully to avoid any transfer errors.
3. Amount and Currency Information
Specify the amount you wish to transfer in both figures and words. Additionally, mention the currency in which the transfer will take place.
4. Charges and Authorizations
The form may include sections for charges applicable to the transaction and the necessary authorizations required for processing the transfer. Carefully review and fill in these sections.
5. Submitting the Form
Once you have accurately filled out the ICICI Bank RTGS/NEFT form, you can submit it through any of the following methods:
Online Submission: If you downloaded the form online, you may be able to submit it electronically through your Internet banking account. Check with the bank for this option's availability.
Offline Submission: If you obtained a physical form from the bank branch, submit it in person to the bank executive or customer service desk.
ATM Submission: Some ICICI Bank ATMs allow customers to deposit the filled form directly. Check with your nearest ATM for this option.
FAQs
1. Are the payments under RTGS final and irrevocable?
Ans: Yes, the payments under RTGS are final and irrevocable. Since the fund's settlement takes place in the books of the Reserve Bank of India, there is no scope for reversing the transaction once it is completed.2. How is the processing of RTGS different from that of the National Electronic Funds Transfer (NEFT) System?
Ans: The processing of RTGS differs from NEFT in terms of transaction processing. In NEFT, transactions are processed in batches up to a particular time, while in RTGS, transactions are processed continuously on a transaction-by-transaction basis throughout the day.3. Is RTGS a 24x7 system or are there some timings applicable?
Ans: RTGS is available 24x7x365 since December 14, 2020. You can initiate RTGS transactions at any time, even on weekends and holidays.4. Is there any minimum/maximum amount stipulation for RTGS transactions?
Ans: The RTGS system is primarily meant for large-value transactions. The minimum amount to be remitted through RTGS is ₹2,00,000/- with no upper or maximum ceiling.5. What about processing charges/service charges for RTGS transactions?
Ans: The Reserve Bank has waived the processing charges for RTGS transactions from July 01, 2019. Banks may pass on this benefit to their customers. There are specific prescribed charges for outward transactions based on the amount, which banks may decide to charge lower but not more than the rates prescribed by RBI.6. What is the essential information that the remitting customer needs to furnish to the bank for making a remittance?
Ans: To initiate an RTGS remittance, the remitting customer needs to provide the following information to the bank:- Amount to be remitted
- The account number to be debited
- Name of the beneficiary bank and branch
- The IFSC number of the receiving branch
- Name of the beneficiary customer
- Account number of the beneficiary customer
- Sender to receiver information, if any
7. How would one know the IFSC number of the receiving branch?
Ans: The remitter (customer) can obtain the IFSC number from their bank branch. It is also available on the cheque leaf of the beneficiary. The list of IFSCs is available on the RBI website.8. Do all bank branches in India provide RTGS service? How can a remitting customer know whether the bank branch of the beneficiary accepts remittance through RTGS?
Ans: Not all bank branches in India provide RTGS service. To use RTGS, both the sending and receiving bank branches need to be RTGS enabled. The list of RTGS-enabled bank branches can be found on the RBI website.9. What care should be taken while originating an RTGS transaction?
Ans: While initiating an RTGS transaction, ensure the following:- Originating and destination bank branches are part of the RTGS network.
- Provide accurate beneficiary details, including beneficiary name, account number, account type, and name and IFSC of the beneficiary bank branch.
10. In RTGS, why is a credit to the beneficiary given solely based on the account number?
Ans: RTGS transactions happen in real-time, and it is not feasible to match names and account numbers before crediting the beneficiary. Hence, credit is given solely based on the account number to ensure timely processing.11. What is the time taken for effecting funds transfer from one account to another through RTGS?
Ans: Under normal circumstances, the beneficiary bank should credit the funds to the beneficiary's account in real-time, as soon as the funds are transferred by the remitting bank. The beneficiary bank must credit the funds within 30 minutes of receiving the fund's transfer message.12. Can a remitting customer initiate a transaction for a future date?
Ans: No, the RTGS system does not accept future value-dated transactions. All transactions are processed immediately.13. Can a transaction be originated to draw (receive) funds from another account?
Ans: No, RTGS is a credit-push system, which means transactions can only be initiated by the payer/remitter/sender to transfer funds to a beneficiary.14. Can an RTGS transaction be tracked? Would the remitting customer receive an acknowledgement of money credited to the beneficiary’s account?
Ans: While customers do not have the facility to track the transaction, the RBI has implemented the feature of positive confirmation in an RTGS transaction. The remitting bank receives a message from RBI (through the beneficiary bank) confirming that the money has been credited to the beneficiary's account. Based on this, the remitting bank should advise the customer accordingly.15. Would the remitting customer get back the money if it is not credited to the beneficiary’s account? Is there any time frame prescribed for it?
Ans: Yes, if the funds cannot be credited to the beneficiary's account for any reason, the funds received by the RTGS member bank will be returned to the originating bank within one hour of receipt of the payment at the Payment Interface (PI) or before the end of the RTGS business day, whichever is earlier. The original debit entry in the customer's account needs to be reversed in such cases.16. Is a customer eligible to get compensation for the delay in returning the payment?
Ans: Yes, in case of any delay in returning the failed payment, the originating customer is eligible to receive compensation at the current repo rate plus 2%.17. Whom can a customer contact, in case of non-credit or delay in credit to the beneficiary account?
Ans: If there is an issue of delay/non-credit to the beneficiary account, the customer can contact their bank/branch. If the issue is not resolved satisfactorily, a complaint can be lodged with the Reserve Bank of India by providing the UTR number and details of the issue.18. What is the UTR number?
Ans: The Unique Transaction Reference (UTR) number is a 22-character code used to uniquely identify a transaction in the RTGS system.19. What is LEI and what is its purpose?
Ans: The Legal Entity Identifier (LEI) is a 20-digit number used to uniquely identify parties to financial transactions worldwide. Its purpose is to improve the quality and accuracy of financial data reporting for better risk management. It is used to identify every legal entity in any jurisdiction involved in a financial transaction.20. Which RTGS transactions should include LEI information?
Ans: All payment transactions of value ₹50 crores and above undertaken by entities (non-individuals) should include remitter and beneficiary LEI information from April 1, 2021. Banks should use the 'Remittance Information' field for recording Remitter and Beneficiary LEI.21. Is LEI required for individual customer transactions?
Ans: No, LEI is not required for customer transactions where both the remitter and beneficiary are individuals.Note: In conclusion, ICICI Bank's RTGS/NEFT services offer a convenient and secure way to transfer funds in real-time. With no minimum or maximum transfer limits and 24×7 availability, customers have the flexibility to conduct transactions as per their requirements. By following the step-by-step guide to downloading and filling out the ICICI Bank RTGS/NEFT form, users can ensure smooth and hassle-free fund transfers. Embrace the convenience of electronic fund transfers with ICICI Bank RTGS/NEFT services today!
Conclusion
In conclusion, ICICI Bank's RTGS/NEFT services offer a convenient and secure way to transfer funds in real-time. With no minimum or maximum transfer limits and 24x7 availability, customers have the flexibility to conduct transactions as per their requirements. By following the step-by-step guide to downloading and filling out the ICICI Bank RTGS/NEFT form, users can ensure smooth and hassle-free fund transfers. Embrace the convenience of electronic fund transfers with ICICI Bank RTGS/NEFT services today!
